U.S. Economy Sees 'Slight to Modest' Growth This Fall, Fed's Beige Book Says
By David Harrison
The U.S. economy grew at a "slight to modest" pace over the fall
in the latest indication that the economic recovery from the
coronavirus pandemic has yet to pick up speed, a Federal Reserve
report said Wednesday.
The report found that the recovery was proceeding on separate
tracks, with the manufacturing, residential housing and banking
industries reporting steady growth while commercial real estate and
overall consumer spending remained weak.
Firms said they were "generally optimistic or positive" about
the future but noted that there was still a lot of uncertainty in
Despite the elevated unemployment rate, many employers are
struggling to recruit new hires because workers are concerned about
their health or lack access to child care, the Fed report said.
Many firms have raised wages or offered flexible work arrangements
The report, known as the Beige Book, is a collection of
anecdotes from business contacts around the country. The Fed
collected comments through Oct. 9.
Write to David Harrison at email@example.com
(END) Dow Jones Newswires
October 21, 2020 15:04 ET (19:04 GMT)
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